.png)
.png)
How should taxpayers answer the inquiry about income, asks KEITH M GORDON
KEY POINTS
- Income from service companies.
- Effect of FA 2008 Sch 36.
- The service company question appeal.
- Confirmation from HMRC.
A few weeks ago personal clients’ tax returns started dropping onto the proverbial doormats marking the start of the annual tax return cycle.
As has been the case for the past three years now this year’s return contains a question asking about income received from a service company.
Rhetorical question
In my article That is the answer? I argued that taxpayers do not need to answer the question. It is ultra vires and under the statute we have at present HMRC cannot compel anyone to answer it or penalise anyone for failing to do so.
...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
